Paul Rehder, Deloitte Australia Banking Leader, said large scale remediation programs, intensifying regulation and increased risk management because of the Royal Commission were the common themes of Australia’s major banks half-year results.

“Looking ahead, the banks are accelerating their focus on productivity and the ‘core’ and continuing to keep their operating expenses down,” Rehder said.

“All four chief executive officers (CEOs) announced simplifying their operations and offers, and where appropriate continuing their demergers and divestments.”

Steven Cunico, Deloitte financial services treasury advisory lead and author of the report, said while overall results for the banks appeared largely flat, the underlying detail showed divisional performance did vary.

“All four major banks experienced weakness in their retail businesses,” Cunico said.

“However, they were able to offset this by recording growth in their business banking, institutional banking and New Zealand operations.”